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Coins you can buy
What is Bitcoin?
Bitcoin is a digital currency or cryptocurrency created in 2009. It is the online version of cash that can be used to buy products anonymously. These are stored in a 'digital wallet' application on the phone where users can send them to each other. To carry out various transactions, Bitcoins use peer-to-peer technology and everything is managed by one network as a whole and no central authority like banks can manage their transaction.
Bitcoin Transactions vs Fiat Transactions
Bitcoin cryptocurrencies are digital assets that can be exchanged between people without any interference from any central authority or banks. These are becoming highly common as the world is moving towards digital and cashless technology. The most revolutionary feature of cryptocurrency is that it can be spent and received anytime, anywhere globally.
Fiat transactions are controlled by the central bank or government administration. This means that they are centralized and central authority promises that the currency can be exchanged for its value in goods. The value of fiat money highly depends upon how the economy of the country is working.
Cryptocurrencies are highly risky and volatile. Bitcoin prices can go up or down 1000USD per hour. Always invest what you are ready to lose. We reccomend consulting with an investment advisor to understand the risks associated with Bitcoin and cryptos. Stay safe.
Due to the risk of scams in cryptocurrencies, the users should ensure that they opt for 2 step verification, Google authentication or SMS. The passwords should not be shared with anyone and the account should be kept secure.
The price of cryptocurrency varies and even fluctuates in just one hour because of its high volatility. One day it is high and the next day can be very low.
High Transactions Fees
There can be a high transaction fee charged by small providers every time a user transfers cryptocurrency to another user’s wallet. So first time buyers need to take care at the time of transactions.